Wells Fargo has rolled out a new platform in a bid to boost its real-time FX global payment capabilities for regional and community banks.

Through a partnership with Derivative Path, a provider of capital markets technology and derivatives execution services, the financial institution has integrated its API for foreign currency payments into the company’s cloud platform, a technology that aims to support financial firms in managing interest rate, currency and commodity risks and increasing cross-border payments.

The move aims to enable regional and community banks to use Well Fargo’s technology to provide more competitive, secure and transparent FX payment services, similar to those offered by large financial institutions.

Early adopters of the solution include Busey Bank and FirstBank.

The technology will provide real-time FX rates on over 120 currency pairs and simplify the collection of settlement details at the time of payment creation to alleviate the complexities typically associated with international transactions and optimise payment flows.

Dan Vogt, managing director, head of FX payment solutions sales and product strategy at Wells Fargo said that the move allows its bank clients to use its “robust APIs to bring FX payment solutions to their customers via digital channels where they want to transact.”

Neil Denault, capital markets manager at Busey Bank, noted that since implementation, the bank has processed over 500 FX wires with only one inquiry.

“Not only does this technology support our growth, but it also strengthens our competitive position in the market,” continued Denault.

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